Credit Card Bonus Rewards Points Shrinking
/Several Credit Cards Change Bonus Rewards Points
First Published Date: December 5, 2016
In the past few weeks, I found out that several credit cards are changing their rewards points options. In my last article, I talked about Scotia Amex Gold Rewards. Today I will talk about two other credit cards that have instituted negative changes, unlike Scotia.
MBNA Rewards Platinum Plus MasterCard
This is a free rewards credit card that used to give 1000 bonus points every year on the anniversary date. However, MBNA recently sent a notification mentioning it will no longer provide any anniversary points starting January 1, 2017.
This does not come as a surprise to me, as I was expecting various cutbacks on points and features since TD Bank Group purchased MBNA. MBNA used to offer several cash back and rewards points credit cards with generous rewards and features. However, TD is terrible with its own rewards credits cards and it’s no wonder they will make all MBNA credit cards like their own (with reduced rewards and features). MBNA is no longer the choice for low-annual fee and no-fee credit cards since TD starting axing its benefits. There are other credit card companies that offer better deals for low annual fee and no-fee credit cards.
MBNA Rewards World Elite MasterCard
This card is no longer providing first year free. Before the $89 annual fee was waived for the first year.
BMO World Elite MasterCard
BMO was one of the few banks in Canada that allowed you to receive introductory bonus points on credit cards when you switch one account to another. For example, the BMO World Elite MasterCard gives 30,000 points (see below) if you apply and get approved. However, if you are already an existing different cardholder at BMO and switched to this card, you would still get 30,000 intro points. A couple of days ago I switched my BMO Air Miles World Elite MasterCard and as such I will receive 30,000 points. However, a BMO rep mentioned that starting January 1, 2017 these intro bonus points on switching one card to another will be discontinued. So if you are an existing cardholder and plan to get the BMO World Elite MasterCard, this is the time to do it.
BMO World Elite MasterCard is also reducing its 30,000 intro bonus points to 20,000 and increased minimum income requirement from $70,000 to $80,000.
When one door closes, another door opens. Always keep an eye open for new opportunities for credit card rewards and A Dawn Journal is here to provide you unbiased information because unlike most other sites, I do not promote any credit cards and I do not receive commissions from credit card companies.
